Tag Archives: Organization of the Petroleum Exporting Countries (OPEC)

OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets. “What we see in the oil market today is an incremental (price) increase …

The Organisation of Petroleum Exporting Countries (OPEC) on Monday forecast $1.5 trillion downstream investment for between 2021 and 2045. OPEC also predicted that of the amount, $450billion would be invested in new refinery projects and extension of existing ones. The organisation foresaw positive development in the African downstream that would …

On Monday, OPEC and non-OPEC oil-producing countries (OPEC+) confirmed that they will increase their joint production by 400,000 barrels per day in November. They left unchanged their plan to increase supplies progressively. It was announced by the 23 member countries of the alliance in their final declaration. They also decided …

The Kremlin won’t prejudge any outome of the coming regular video conference of the OPEC+ ministers, Kremlin spokesman Dmitry Peskov told reported on Monday. “Traditionally we would not like to prejudge any outcome of such a meeting,” he said responding to a relevant question. When asked if the Russian President …

OPEC+ remains very much in control of the oil market as ministers gather for their monthly meeting. Crude is trading just below $80 a barrel in London, the highest in almost three years, and the cartel’s production policy will be the main factor influencing prices in the coming months, according …

The Organisation of Petroleum Exporting Countries (OPEC), saw a sharp decline in its global crude export in 2020, following disruptions occasioned by the COVID-19 pandemic. According to available data, OPEC member countries exported an average of 19.70 million barrels a day, mb/d of crude oil in 2020, a sharp decrease …

The OPEC+ cartel’s production policy will be the main factor influencing oil prices over the coming months, according to Vitol Group. There’s little chance of Iranian barrels returning to global markets this year and U.S. shale producers aren’t investing enough to raise output quickly, according to the world’s largest independent …

Oil prices rose on Friday as traders await a key meeting by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, Trend reports citing Xinhua. The West Texas Intermediate for November delivery added 85 cents to settle at 75.88 U.S. dollars a barrel on the …

Organisation of the Petroleum Exporting Countries (OPEC) said the proven crude oil reserves in the bloc’s member countries increased by 0.3 per cent to 1.237 billion barrels at the end of 2020, following a firm increase its previous year. At the end of 2020, world proven natural gas reserves fell …

Oil prices were volatile on Thursday, but keen to return to their upward path despite an unexpected build in US crude oil inventories as the world countries are bracing themselves for a post-pandemic energy crisis. International benchmark Brent crude was trading at $77.92 per barrel at 0701GMT for a 0.21% …